Coinbase to Pay $100M to Settle NYDFS Lawsuit. This came to light in a consent-based injunction signed Jan.
05 Jan 2023, 11:25
Coinbase to Pay $100M to Settle NYDFS Lawsuit
This came to light in a consent-based injunction signed Jan. 4 by New York State Department of Financial Services (NYDFS) superintendent Adrienne Harris. Earlier, the regulator accused the marketplace Coinbase of failing to take proper anti-money laundering measures in 2020 and 2021.
The document states that Coinbase's non-compliance with anti-money laundering (AML) regulations is due to a lack of staff, resources and tools. As a result, by the end of 2021, the number of pending suspicious transaction monitoring alerts exceeded 100,000.
To settle the NYDFS lawsuit, Coinbase will pay a $50 million fine. The remaining $50 million will be used to conduct AML compliance reviews. Coinbase management said that the additional funding will be an important step in the exchange's journey to improve its business processes.
Same news in other sources
205 Jan 2023, 13:22
US authorities seize FTX's $460 million in Robinhood stock
The arrest took place as part of a case initiated against a crypto exchange. The shares were acquired in May 2022 - former FTX CEO Sam Bankman-Fried and crypto exchange co-founder Gary Wang formed a holding company.
During court hearings in December, Bankman-Fried and Wang swore under oath that they had used Alameda Research funds totaling $546 million to buy the shares. The lawyer of the crypto-exchange insisted in court that the full owner of the shares is unknown and, perhaps, it is the BlockFi company - Bankman-Fried promised to transfer the shares, and now the company is trying to get them through the court.
The Justice Department said it would file seizure reports for papers that would list the assets seized from FTX. All this is done in the interests of the court, so that during the proceedings a complete picture is formed: what of the assets of FTX and affiliated companies is at the disposal of the government.
US authorities seize FTX's $460 million in Robinhood stock.
US authorities seize FTX's $460 million in Robinhood stock
The arrest took place as part of a case initiated against a crypto exchange. The shares were acquired in May 2022 - former FTX CEO Sam Bankman-Fried and crypto exchange co-founder Gary Wang formed a holding company.
During court hearings in December, Bankman-Fried and Wang swore under oath that they had used Alameda Research funds totaling $546 million to buy the shares. The lawyer of the crypto-exchange insisted in court that the full owner of the shares is unknown and, perhaps, it is the BlockFi company - Bankman-Fried promised to transfer the shares, and now the company is trying to get them through the court.
The Justice Department said it would file seizure reports for papers that would list the assets seized from FTX. All this is done in the interests of the court, so that during the proceedings a complete picture is formed: what of the assets of FTX and affiliated companies is at the disposal of the government.
05 Jan 2023, 11:30
ERC20 telegram news 05 January 2023 11:30